Cairo, June 6, 2022 (WAM)-Egypt’s foreign exchange reserves fell by $ 1.63 billion in May, the Central Bank of Egypt (CBE) announced on Monday.

Net foreign exchange reserves reached $ 35.5 billion by the end of May 2022, compared to $ 37.12 billion recorded at the end of April 2022.

The CBE attributed this decline to the role of outsourcing payments related to Egypt’s external debt, which expired in May last year, to the Central Bank of Egypt. Fund (IMF) and other obligations.

The bank said the net cash reserve balance was sufficient and covered five months of commodity imports.

Banks say these membership fees and the use of foreign exchange with the central bank are expected normal competition, and the central bank states that the net cash reserve balance is sufficient and covers five months of commodity imports. rice field.

Foreign currencies in Egypt’s foreign exchange reserves include the US dollar, euro, Australian dollar, Japanese yen and renminbi.

Egypt’s foreign exchange reserves fell to $ 35.5 billion in May 2022 for the second straight month following the repayment of approximately $ 2 billion in external debt. This includes payments of Egyptian Eurobond coupons issued by the Ministry of Finance, payments of principal and interest to the International Monetary Fund, and other external debt.Source: Central Bank of Egypt

WAM / Tariq alfaham / Hazem Hussein

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